Earnings: Take-Two Revs Fall 13 Percent; Net Loss Widens On Fewer Titles
This story was written by Joseph Weisenthal.
With an aggressive bid from EA looming over it, videogame maker Take-Two announced revenue of $240.4 million for the quarter ended January 31, down 13 percent year-on-year from $277.3 million. The company says the top line was hurt by fewer new game releases over the holiday season. Net loss widened in the quarter to $38 million ($.52 per share) from $21.5 million ($.30 per share). The company did, however, raise its guidance for the coming year year to $1.25 - $1.4 billion, based on a fresh slate of new titles. So far, it looks like investors will want more to be convinced of the merits of an independent EA. The company's stock has been slammed this week, it even dropped slightly today on a huge up day. After hours, it's up 3 percent. The announcement makes no specific mention of the EA bid, other than it remains an operating risk for the company.
By Joseph Weisenthal